Connecticut’s Short-Term Investment Fund posted a return on investment for the three years ending June 30 that was three times as high as that paid out by similar money funds, State Treasurer Denise L. Nappier said earlier this week.
STIF money is used as operating cash for the state’s treasury, agencies, municipalities and other subdivisions of the state government.
During the last three years, STIF earned an average return of 0.24 percent while similar money funds earned an average return of 0.07 percent, according to a statement from Nappier’s office. As a result, an additional $24.6 million in interest payments were received by the state.
In 2012, the fund earned 0.16 percent, compared to an average 0.05 percent for similar funds, earning investors an additional $5.3 million.
